The shares of Beyond Meat rose 3% in premarket trading on Thursday, following news that the company's joint venture with PepsiCo had released its first product.

The joint company, which was formed a year ago, will focus on developing, manufacturing, and marketing plant-based snacks and beverages. Beyond Meat intends to use Pepsico's extensive marketing reach to boost product sales.

Plant-based snacking options are currently available from competitors like ConAgra Foods.

Beyond Meat - Wikipedia

After a year of being slow to introduce new goods, Beyond Meat has already done two this month, both as part of its Yum! Brands relationship.

Yum! KFC restaurants in the United States are now offering Beyond Meat's plant-based fried chicken, while Pizza Hut locations in Canada are selling plant-based Beyond Italian sausage crumbles. Yum! signed a deal with Beyond Meat in February of last year. It also plans to develop plant-based menu options for Taco Bell locations over the next "many years," in addition to KFC and Pizza Hut.